The Korea Enterprises Federation said that its chairman, Sohn Kyung-shik, met with the president of the Heritage Foundation in Washington on Wednesday, stressing the need for a similar nongovernmental think tank in Korea as well. Founded in 1973, the Heritage Foundation is a nonprofit conservative think tank with a mission to formulate and promote public policies based on the principles of free ...

US weekly magazine Newsweek chose Hyundai Motor Group Chairman Chung Euisun as visionary of the year in Newsweek World‘s Greatest Auto Disruptors Award event on Tuesday. In its special issue on agents of change in the automotive industry, Newsweek detailed Chung’s plans for Hyundai’s future, the carmaker’s progress and challenges in alternative fuels, acquisition of a robotics company, and its f...

This year, the PPS will focus on early execution of procurement contracts and supporting startups run by young entrepreneurs to help stimulate the economy. “The PPS will execute 63 percent of its procurement contracts worth some 34.2 trillion won in the first half of this year, up from 27.1 trillion won in the first half of last year,” Kim said. “More than 10 percent of our budget (of 46.5 bill...

A majority of American businesses in South Korea were optimistic that investment here will continue over the next two years, and picked Korea as the second most preferred location for regional headquarters in Asia after Singapore, survey results showed on Thursday. In an annual survey of member companies by the American Chamber of Commerce in Korea, 44 percent of the respondents said they will i...

An Israeli medical imaging technology company said it began producing digital X-ray chips at its semiconductor plant in Yongin, Gyeonggi Province, on Tuesday. The Nasdaq-listed Nanox said its Yongin facility will be the main production site of its microelectromechanical systems, or MEMs, called Nanox.Source chips, a key component of the company’s Nanox.ARC, a 3D medical imaging system that has t...

National Tax Service Commissioner Kim Dae-ji on Monday met with his Vietnamese counterpart in Seoul to share know-how on digital transformation and how to resolve double taxation on South Korean companies in Vietnam, the tax agency said. Kim and Cao Anh Tuan, general director of Vietnam’s General Department of Taxation, agreed to further strengthen cooperation by sharing experience in addressing...

LG Innotek Co. said Thursday its chief of display solution business has won a presidential commendation for contributing toward increasing domestic production of key components and enhancing the global competitiveness of South Korea’s materials and components industry. Koo Han-mo, senior managing director at LG Innotek, was one of the awardees who received the honor on the 49th Commerce and Indu...

Nongshim Co. said it launched a “bakery snack” brand named Petit Paris, starting with a bread roll snack that tastes like French toast. The largest instant noodle and snack company in South Korea said it will introduce more products under the new brand as it pioneers the market for snacks with a soft texture and taste similar to that of bakery products. “As there is high consumer demand for bre...

BIZA Metaversity is AMAXG Group’s decentralized two-way artificial intelligence platform for education. A compound of “metaverse” and “university,” Metaversity expands the scope of educational institutions to the virtual world and brings different institutions together. It is a non-face-to-face web conferencing smart educational platform where anyone can be a lecturer. Educational institutions...

AMAXG Group’s BIZA-UVIT is a digital asset trading platform for non-fungible tokens (NFT) in content, culture, art, e-sports, movable assets and real estate. AMAXG built strategic partnerships with a number of organizations including the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise...

Hankook Tire and Technology said it would unveil the world’s first full lineup of tires s for electric vehicles in May. The world’s sixth-biggest tiremaker by sales said it will launch the iON tire brand for EVs in the European market first, and then in South Korea in August. The iON will come in six products from 18-inch to 22-inch summer, winter and all-season tires for both passenger cars an...

SPC Group said on Thursday it has opened its third Paris Baguette store in Jakarta, Indonesia, and will open a fourth one in nearby Bekasi later this month. The latest bakery cafe opening comes just four months after the South Korean bakery giant opened its first Paris Baguette store in Indonesia in November last year in Jakarta’s Ashta District 8 shopping mall. The third store is located in th...

The Export-Import Bank of Korea said it provided 600 million euros ($661.6 million) in financial support for the construction of the world’s longest suspension bridge, which opened last week in Turkey. The 2,023-meter Canakkale Bridge, built by a consortium of South Korea’s DL E&C and SK ecoplant, and Turkey’s Yapi Merkezi and Limak, connects Europe and Asia over the Dardanelle Strait. The 3.13...

LG Energy Solution is going all out to practice sustainable management in terms of eco-friendly energy, battery reuse and recycling, and responsible management of supply chains. To tackle climate change, the company is reducing energy use throughout its battery production process and introducing renewable energy to minimize greenhouse gas emissions. The storage battery manufacturer was the firs...

SK ecoplant Co., the eco-energy unit of SK Group, said it has begun taking steps for an initial public offering next year by sending requests for proposal to major stock brokerage firms. After receiving proposals from the brokerage houses, the company said it will select preliminary candidates and finalize next month the firms that will manage its IPO process. “Based on an economy of scale stra...